#Georgia #Montran #Tbilisi #National Bank of Georgia #RTGS system

Georgia’s National Bank Unveils Upgraded RTGS Payment System with Montran

In a significant move to bolster its payment systems, the National Bank of Georgia (NBG) has successfully launched a modernized Real-Time Gross Settlement (RTGS) system in partnership with Montran. This upgraded Automated Transfer System (ATS) is set to enhance the financial ecosystem of Georgia by improving processing efficiency, operational resilience, and aligning with international standards such as ISO 20022.

Enhancements and Features of the New System

The revamped RTGS platform features a modern architecture that supports 24/7 operations, enabling real-time payments and enhanced liquidity management. With the move to an ISO 20022 compatible framework, the system not only meets current international standards but also ensures Georgia's financial infrastructure is future-proof. Key enhancements include:

• - Increased Resilience: The upgraded system provides improved operational resilience to withstand various economic challenges.
• - Enhanced Scalability: The architecture allows for greater scalability, accommodating the evolving needs of the financial market.
• - Mass Processing Capabilities: New capabilities include support for large volumes of transactions, ensuring smooth operations even during peak demand times.
• - Improved Interoperability: The system's enhancements facilitate better connectivity and interaction with various financial entities and platforms.

According to Ekaterine Galdava, Vice Governor of the NBG, this upgrade is crucial in responding to the dynamic needs of Georgia's financial landscape. She emphasized that the modernization represents a foundational step towards meeting contemporary financial demands.

A Strategic Partnership

The collaboration between NBG and Montran is a testament to their long-standing partnership, which extends over two decades. Keith Esca, CEO of Montran, lauded the joint venture, stating that it significantly contributes to creating a robust and resilient modern financial infrastructure aligned with international standards and the shifting needs of the market.

Future Developments

Beyond the RTGS system, Montran is also set to implement an Instant Payment System (IPS) in line with the RTGS upgrade. The IPS aims to facilitate real-time transactions, enhancing user experience and simplifying payment routing. This system is expected to be operational by the end of 2026, further solidifying the advancements in Georgia's payment infrastructure.

Conclusion

This launch marks a pivotal milestone in Georgia's financial journey. It reflects a commitment on the part of NBG and Montran to drive innovation and modernization in payment systems, ultimately supporting the sustainable development of the financial system in the country.

As the financial landscape globally continues to evolve, the steps being taken by the National Bank of Georgia not only enhance domestic capabilities but also position Georgia as a competitive market in the international arena. The dedication to improving financial infrastructure showcases a proactive approach to address the changing economic environment and meet the needs of its citizens and businesses alike.